Fenaka Corporation repaid MVR 800 million in debt till date: Muaz

Fenaka Corporation Managing Director Muaz Mohamed Rasheed said that Fenaka has paid MVR 800 million to State Trading Organization (STO) and other companies till date.

In a press conference yesterday, Muaz said that MVR 500 million was paid for fuel bills and MVR 300 million to private companies.

"Our debt has not decreased but has been somewhat contained. It is now at MVR 4.1 billion, down from MVR 4.3 billion. We are paying about MVR 30 million less than the fuel bill to STO," he said.

Muaz noted that the overall debt cannot be reduced due to the increasing payments owed to STO.

STO has taken over the operation of Fenaka as a subsidiary, with the official transfer set for January 1, 2025.

Currently, Fenaka owes MVR 2 billion to STO for fuel purchases.

STO CEO Shimad Ibrahim stated that the transfer will enhance Fenaka's financial position and turn it into a profitable corporation.

Fenaka can be made into a profitable company: STO

The Edition